Business Continuity Drills
Can your business handle a common occurrence? Are your profits held in by "spit and duct tape"?
Business Continuity drills by NLPC will test common occurrences that can have a major impact on your business. Think of it as a fire drill for your business profits. . .that is in case of a fire, can you still get your profits to safety for the benefit of the people that you built your business for?
We will look at the ‘solutions’ you have in place to handle common business continuity issues. We will test whether that operating agreement that you made on Legal Zoom will keep you operating. We will analyze whether your insurance will actually cover the issues that can come up and what the extent of their coverage will be, many business owners are surprised to learn about the limitations that exist. We will look at whether your team of employees and business advisors knows how to react in time to preserve your business’ profits.
Here are some of the drills we can run for your business to test whether it is sufficiently prepared:
Owner incapacity due to accident or illness where the Owner is still alive, but unable to make decisions.
Owner death.
High level leadership or owner gets in trouble criminally with the law (think felony crimes that may impact licensure that is vital to the business)
High level leadership or owner gets in trouble with a civil demand (think civil accusations of sexual harassment)
Another business contests your right to use your brand name based on intellectual property rights.
An offer to buy the business comes along but requires appropriate business documentation and disclosure for you to get the price that you want.
A customer or employee claims that you have exposed their confidential data.
An employee claims that you have discriminated against them under the equal pay statute and demands back pay.
An employee claims that you have terminated them due to discrimination or retaliation.
Your internet infrastructure goes down and you don’t know if your data has been breached.
Your phones go down and you cannot communicate with your customers.
Your customer claims that your employee assaulted them.
Your data is caught up in ransomware.
Your business is extorted.
Each of these situations can have an astonishing impact on the continuity of your business and your insurance policies may provide little to no coverage at all for these scenarios. We will work with you and your team to set up a scenario tailored to your concerns and the likely ‘pain points’ for your business and then we will run through the scenario and analyze the support systems that you have in place.
Most business owners deal with their business paperwork and insurance coverages at the startup of their business but then they forget to update those items as the business grows and increases volume and capacity. Maybe you have always had a lawyer handle your business paperwork, and only an actual CPA handles your financial report, and perhaps you have only used the the most reputable insurance agents, but if you have never tested how your business systems you may be shocked how unprepared they are for emergencies. In most cases we focus all of our efforts growing and scaling our businesses, so it is not necessarily high on our priority list to test our emergency preparedness, but in an emergency situation, will your profits make it out alive? Will your business continue? Why wonder? Let’s test it and be sure.